Asia’s naphtha refining profit margin rose about 29% in February due to tight supplies from Russia and fears over disrupted Iranian exports due to sanctions, even as demand remained weak in the region, market players said.

The crack traded at about $117 per metric ton over Brent crude on Friday, down $3.25 from the previous session. The market remained steeply backwardated at $12.50 per ton.

In purchases, Japanese, Taiwanese and South Korean buyers sought naphtha this week, market participants said.

India’s MRPL offered two cargoes of benchmark-grade gasoline for delivery during March 23-24, the company said in a tender document. The tender closes on Monday.

NEWS

– Top oil exporter Saudi Arabia may slightly cut its crude prices for Asian buyers in April, tracking the marginal decline in benchmark prices this month, traders said on Friday.

– China’s imports of Russian Far East crude and Iranian oil are set to rebound in March as non-sanctioned tankers, drawn by lucrative payoffs, joined the trade replacing vessels under U.S. embargo, trade sources and analysts said.

SINGAPORE CASH DEALS

One naphtha deal.
Source: Reuters